Power developer Scatec ASA is scaling up its presence in Egypt’s fast-growing renewables sector, with news on two major projects
The company has just achieved financial close on its 1.1GW Obelisk hybrid solar and battery storage project and has separately signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to build a new 900MW wind farm in Ras Shukkeir.
The landmark 1.1GW solar plus 100MW/200MWh Obelisk scheme will now be constructed in two phases, with first electricity anticipated early next year.
“Reaching financial close for this project marks a major milestone for Scatec,” said CEO Terje Pilskog. “It proves our ability to deliver large-scale hybrid projects.”
The first phase of 561MW solar, plus 100 MW/200 MWh battery storage, is targeted to reach commercial operational in the first half of 2026.
The second phase of 564MW solar will be operational in the latter half of 2026, with energy sold under a US dollar-denominated 25-year power purchase agreement also with EETC, backed by a sovereign guarantee.
Obelisk’s non-recourse project financing comprises US$479.1mn from the European Bank for Reconstruction and Development, African Development Bank and British International Investment.
This corresponds to approximately 80% of the total estimated capex of US$590mn.
Scatec has previously signed equity bridge loans of around US$120mn, postponing project equity injections to the end of the construction period.
The company is currently in advanced talks with potential equity partners, which are expected to conclude in the next few months.
Scatec will also deliver engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the project.
The proposed wind farm in Ras Shukeir, to be developed through its project company Shadwan Wind Power SAE, is at an earlier stage.
The signing of the PPA will now be followed by wind measurements on the site, which boasts some of the worlds’ best wind resources for onshore wind power, to be finalised in the first half of 2026 ahead of financial close and construction.
“This project is a testament to Scatec’s position as one of the leading renewables companies in Egypt,” said Pilskog.
“We are now advancing four major renewables projects in the country, with a diversified technology base.”
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Scatec scaling up on Egyptian renewables
Scatec scaling up on renewables
